A trade credit think tank has drawn up a code of conduct for the European trade credit insurance market.

Credit Management Think Tank 2015 encourages credit insurers and their clients to be more open in sharing information. The think tank is an initiative of consultants CRiON. A spokesman for the think tank said communication breakdown had ruined trust between insurers and clients in 2008 and 2009.

The credit insurers that sign up will inform their clients in case of a change in rating. They will also make their trade policy when it comes to the adaptation of credit lines known.

The credit insured companies that sign up will obtain accurate financial information from their buyers.
The code is not currently legally binding.

A spokesman said: "All parties should participate in the exchange of correct information in an atmosphere of trust, professionalism and dialogue, which are the basic principles of the code."

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